BNTX - Why Is Novavax (NVAX) Stock in the Spotlight Today?
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A number of Covid-19 vaccine companies are in focus today as news from China fuels a surge in share price. Novavax (NASDAQ:NVAX) is trading slightly down at the time of writing after enjoying a 5% jump this morning. NVAX stock has had somewhat of a bumpy road in the new year, but what’s going on with the company today?
Well, a number of biopharmaceutical companies enjoyed strong starts to the day. Heading into afternoon trading, however, only a handful remain in the green. Today’s jump in vaccine stocks is likely attributable to recent developments out of China. Indeed, China has issued lockdowns across the country amid a severe omicron outbreak.
Major cities all over China are issuing lockdowns while requiring residents to be tested three times a week. China has already surpassed last year’s total Covid case numbers, with more than 2,100 cases a day. As such, a number of vaccine makers are seeing newfound attention.
But, will Novavax close in the green today?
NVAX Stock Slumps After Morning Jump
Novavax is the odd one out today as a number of its vaccine-making peers enjoy steady upticks. Dynavax (NASDAQ:DVAX) and Pfizer (NYSE:PFE) are up between 4% and 5% today at the time of writing. The big winner, however, is undoubtedly BioNTech (NASDAQ:BNTX), which is up nearly 12% heading into the afternoon.
Novavax has seen its share price both soar and tumble in the past year. It has gone from a five-year high of $238 per share last August, to today’s price of around $70 per share. NVAX is down more than 45% year to date, alongside a greater market pullback over the past few months.
Given the outbreak in China, it remains to be seen whether Novavax and its peers should expect a resurgence. Rest assured investors will be monitoring their share prices closely as the situation across the ocean develops.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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